Wexford Capital LP Takes $811,000 Position in Public Storage (NYSE:PSA)

Wexford Capital LP bought a new stake in Public Storage (NYSE:PSA – Get Rating) during the fourth quarter, HoldingsChannel.com reports. The fund bought 2,166 shares of the real estate investment trust’s stock, valued at approximately $811,000.

Other hedge funds have also recently modified their holdings of the company. EverSource Wealth Advisors LLC bought a new position in Public Storage in the 4th quarter valued at about $25,000. Lee Financial Co bought a new position in Public Storage in the 4th quarter valued at about $27,000. CVA Family Office LLC bought a new position in Public Storage in the 4th quarter valued at about $30,000. Stonebridge Capital Advisors LLC raised its holdings in Public Storage by 119.0% in the 4th quarter. Stonebridge Capital Advisors LLC now owns 92 shares of the real estate investment trust’s stock valued at $34,000 after acquiring an additional 50 shares during the period. Finally, TAP Consulting LLC bought a new position in Public Storage in the 4th quarter valued at about $41,000. 78.54% of the stock is currently owned by institutional investors.

Shares of Public Storage stock opened at $300.79 on Friday. Public Storage has a fifty-two week low of $290.41 and a fifty-two week high of $421.76. The company has a debt-to-equity ratio of 1.39, a current ratio of 2.07 and a quick ratio of 2.07. The firm has a market capitalization of $52.78 billion, a P/E ratio of 29.23, a P/E/G ratio of 2.81 and a beta of 0.29. The company’s 50 day moving average price is $348.57 and its two-hundred day moving average price is $357.72.

Public Storage (NYSE:PSA – Get Rating) last issued its earnings results on Tuesday, May 3rd. The real estate investment trust reported $2.63 earnings per share for the quarter, missing analysts’ consensus estimates of $3.59 by ($0.96). Public Storage had a net margin of 54.79% and a return on equity of 38.01%. The company had revenue of $749.27 million during the quarter, compared to analyst estimates of $985.58 million. During the same quarter in the prior year, the business earned $2.82 EPS. The business’s quarterly revenue was up 15.8% on a year-over-year basis. On average, analysts expect that Public Storage will post 15.51 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 30th. Investors of record on Wednesday, June 15th will be paid a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 2.66%. The ex-dividend date of this dividend is Tuesday, June 14th. Public Storage’s dividend payout ratio is presently 77.75%.

PSA has been the topic of several research analyst reports. JPMorgan Chase & Co. increased their price target on shares of Public Storage from $385.00 to $434.00 and gave the company an “overweight” rating in a report on Monday, April 4th. The Goldman Sachs Group increased their target price on shares of Public Storage from $398.00 to $440.00 and gave the stock a “neutral” rating in a research report on Thursday, April 14th. BMO Capital Markets upgraded shares of Public Storage from a “market perform” rating to an “outperform” rating and decreased their target price for the stock from $410.00 to $370.00 in a research report on Thursday, May 19th. Truist Financial decreased their target price on shares of Public Storage from $425.00 to $385.00 and set a “buy” rating on the stock in a research report on Wednesday, June 1st. Finally, Morgan Stanley decreased their target price on shares of Public Storage from $357.00 to $298.00 and set an “equal weight” rating on the stock in a research report on Wednesday, May 25th. Six research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Public Storage has a consensus rating of “Buy” and a consensus price target of $372.91.

Public Storage Profile (Get Rating)

Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns and operates self-storage facilities. At September 30, 2020, we had: (i) interests in 2,504 self-storage facilities located in 38 states with approximately 171 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR) which owned 239 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the Shurgard brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc (NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at September 30, 2020.

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